Clarification on Ineligibility of Resolution Applicants In a significant ruling in the case of M.K. Rajagopalan v. Dr. Periasamy Palani Gounder & Anr., the Supreme Court has clarified that a …
Tag: Insolvency and Bankruptcy Code
In a recent case the Supreme Court of India reversed its previous decision of September 2022 in the matter of State Tax Officer v. Rainbow Papers. In this “Rainbow judgment”, it was established that the State held the status of a ‘secured creditor’ as defined by the Insolvency and Bankruptcy Code.
Decided on 1 May 2023 | Supreme Court of India In a significant legal development, the Supreme Court of India, in Sanket Kumar Agarwal v. APG Logistics Private Limited, has …
In the case of M.K. Rajagopalan v. Dr. Periasamy Palani Gounder, the Supreme Court provided clarification regarding the requirements for determining the eligibility of a Resolution Applicant. The Court held that the commercial decisions made by the Committee of Creditors must not exceed the boundaries set by the law. Accordingly, the Court affirmed the order of the National Company Law Appellate Tribunal which rejected the Resolution Plan proposed by the Successful Resolution Applicant.
Mr. Shibu Job Cheeran, Suspended Director of Corporate Debtor v. Mr. Ashok Velamur Seshadri, Liquidator of Archana Motors Limited
In Shibu Job Cheeran v. Mr. Ashok Velamur Seshadri, the National Company Law Appellate Tribunal observed that it must be proven that the former directors of the corporate debtor were aware of the company’s insolvency but continued to conduct business with ulterior motives in order to demonstrate the fraudulent purpose under Section 66 of the Insolvency and Bankruptcy Code, 2016.
Smaller corporations often find the 270-day time frame required for a typical insolvency resolution process to be too long. The Bankruptcy Law Reform Committee determined that “there is merit in creating explicit provisions” for cases where the insolvency could be finished sooner.
Go First Airlines Go First Airlines files for insolvency: On May 4, 2023, the NCLT Delhi reserves order on a request for an interim moratorium. On May 2, 2023, Nusli Wadia promoter of Go Air …
In Moser Baer Karamchari Union Thr. President Mahesh Chand Sharma v. Union of India and Ors., the Supreme Court of India has upheld the Companies Act 2013 provision that overrides payment of workers’ dues during Liquidation process under the Insolvency and Bankruptcy Code, 2016.